KARACHI: Foreign exchange reserves rose to $13.782 billion in the week ending January 11 from $13.558 billion the previous week, the central bank said on Thursday. Reserves held by the State Bank of Pakistan (SBP) rose 2.07% to $8.951 billion from $8.769 billion a week earlier, while those held by commercial banks rose 0.87% to $4.831 billion from $4.789. Foreign exchange reserves hit a record $18.31 billion in July 2011. Higher exports and record remittances have supported Pakistan’s reserves. Remittances from Pakistanis abroad rose 12.51% to $7.116 billion in the first half, July to December, of the 2012/13 fiscal year, from $6.325 billion in the same period last year. Pakistan’s reserves have been drained by debt repayments, including $109.4 million on October 1, 2012, on a $7 billion International Monetary Fund loan. The next repayment is due in February 2013.
Published in The Express Tribune, January 18th, 2013.
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